A group of eleven nations of the Asia-Pacific region signed this Thursday a historic agreement in Chile to reduce trade barriers, just when the world's largest economy – the United States of America – is readying to impose tariffs on aluminum and steel.

At a ceremony taking place in Santiago, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed – one of the world's largest trade agreements in the last 20 years.

The CPTPP, which includes countries such as Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapur, and Vietnam, establishes mechanisms to reduce tariffs on industrial and agricultural products at an area with a trade exchange over the USD$3.84 billion.

The future of the agreement had been uncertain after the withdrawal of the United States from the deal yet the remaining 11 countries concluded the review of the agreement in January, releasing the final version on February 21, in New Zealand.

“We're proud...to show the world that progressive trade is the way forward, that fair, balanced, and principled trade is the way forward,” said Canada's Trade Minister, François-Phillippe Champagne.